Paul Schroder

Generally speaking, we try to get a fairly representative exposure across countries.

across the globe.

But Asia does represent enormous opportunities and significant opportunities for growth.

But as you fully know, these things happen in cycles and in waves.

But the main thing is, will Asia be a much more important driver of the global economy?

Yes.

Is China the most important global partner for Australia?

Categorically.

That's why we have three people in

In Beijing, by the way, we have three macroeconomists in our Beijing office because that's a fundamental driver of future growth.

Although if you wanted to talk about that, you know, they've got some demographic challenges and some capital allocation challenges as well.

It makes sense for us to think about our time zone and it's why we run in three hubs.

So if you're an Australian super member, you've got a hub in this zone where we've got offices in Australia and in Beijing.

You've got a hub in Europe because we've got a great big office in London in that time zone and we've got a hub in New York.

So that's the way we're thinking about it, three kind of hubs to be able to invest as a global investor for domestic beneficiaries so that –

You know, I met a guy called Percy.

He's one of 74 Percys in the fund.

He's got to worry about his job and his salary, but I also need to make sure that he's got money, right?

He's got to worry about his job and his salary.

We've got to make sure he's got a decent balance as well, which gives him, makes sure that not all his eggs are in the one basket.